Investment in Films and Television Programs and Program Rights



	December 31, 2016			March 31, 2016
	(Amounts in millions)
Motion Pictures Segment - Theatrical and Non-Theatrical Films
Released, net of accumulated amortization	$	576		$	584
Acquired libraries, net of accumulated amortization	3			4
Completed and not released	35			34
In progress	279			422
In development	38			28
	931			1,072
Television Production Segment - Direct-to-Television Programs
Released, net of accumulated amortization	210			189
In progress	119			191
In development	7			6
	336			386
Media Networks Segment
Licensed program rights, net of accumulated amortization	503			—
Produced programming
Released, net of accumulated amortization	107			—
In progress	168			—
In development	7			—
	785			—
Investment in films and television programs and program rights, net	2,052			1,458
Less current portion of program rights	(236		)	—
Non-current portion	$	1,816		$	1,458

The Company expects approximately 51% of completed films and television programs, excluding licensed program rights, will be amortized during the one-year period ending December 31, 2017. Additionally, the Company expects approximately 83% of completed and released films and television programs, excluding licensed program rights and acquired libraries, will be amortized during the three-year period ending December 31, 2019. Licensed program rights expected to be amortized within one-year from the balance sheet date are classified as short-term in the unaudited condensed consolidated balance sheet.

During the three and nine months ended December 31, 2016 and 2015, the Company performed fair value measurements related to films having indicators of impairment. In determining the fair value of its films, the Company employs a discounted cash flows ("DCF") methodology that includes cash flow estimates of a film’s ultimate revenue and costs as well as a discount rate. The discount rate utilized in the DCF analysis is based on the Company’s weighted average cost of capital plus a risk premium representing the risk associated with producing a particular film. As the primary determination of fair value is determined using a DCF model, the resulting fair value is considered a Level 3 measurement (see Note 9). During the three and nine months ended December 31, 2016, the Company recorded $2 million and $7 million, respectively, of fair value film write-downs, as compared to $3 million and $12 million, respectively, of fair value film write-downs recorded during the three and nine months months ended December 31, 2015.